By Tiernan Ray

Here are some things going on this morning in your world of tech:

Shares of IT services firm Cognizant Technology Solutions (CTSH) are down $2.95, or 6%, at $46.25, after the company this morning reportedQ1 revenue just shy of consensus at $2.42 billion versus $2.43 billion, up almost 20%, but beat on the bottom line with 62 cents versus the 55-cent profit per share expected.

The company’s outlook for Q2, revenue of $2.5 billion to $2.53 billion, was a little bit below consensus of $2.54 billion. The company reiterated a view for revenue this year of $10.3 billion, below consensus of $10.38 billion.

During a phone call following the report, CEO Frank D’Souza was upbeat about the quarter, noting growth in revenue of 9.6% in Europe. He said the company had hired aggressively, adding 7,200 people, to be prepared for revenue growth this year of about 16.5%.

In a note to clients, UBS’s Steve Milunovich this morning reiterates a Buy on Cognizant, and a $58 price target, writing that the report was as expected, and that the shares should fetch 22 times forward earnings because “We and UBS Indian IT Services analyst Diviya Nagarajan expect a continued demand recovery to boost multiples close to peak-cycle levels above 20x. “

Shares of Twitter (TWTR) are still in decline this morning, falling $1.66, over 5%, at $30.19, after yesterday’s 17% drop. The stock has set a new lifetime low since its IPO in November, at $29.94. The sell-side has been eerily silent today, with absolutely no commentary whatsoever on the price decline or what to do with the stock.

Shares of Yahoo! (YHOO) are down $2.23, or 6%, at $34.26, following the filing of an IPO prospectus last night by Alibaba Group Holding, in which Yahoo! has a 24% stake, which will presumably net the company billions in the offering as it sells 208 million shares.

Given almost everyone and his brother is in the syndicate, there’s not a lot of sell-side commentary this morning. But MKM Partners‘s Rob Sanderson, who has a Buy rating on Yahoo! shares, and a $45 price target, writes this morning that the metrics unveiled in the filing are “impressive.”

“231mn active buyers last year were double from 160mn the year prior,” he notes. “This is less than half current China Internet user base, which still has ample run-way to catch ROW penetration levels.” Among other tidbits he liked: “Active buyers made 49 purchases on average last year, nearly one per week; gross merchandise volume was $24b8n last year, up 60%. This is more than AMZN and EBAY combined ($141bn). Mobile is already 20% of GMV for Alibaba, from 7% a year ago.”

The Wall Street Journal’s Aaron Back, however, in the Heard on the Street Column, takes a skeptical tone toward the company’s progress in mobile use of its properties, noting mobile is just 19.7% of total transactions.

“For Amazon and eBay, mobile has been a blessing as it allows more users to shop for longer, driving volumes higher, says Bernstein analyst Carlos Kirjner. But companies that rely on advertising have faced greater challenges due to the limited real estate on smartphone screens,” he writes.

Shares of FireEye (FEYE) are down $8.73, or almost 24%, at $28.40, after the company yesterday afternoon beatQ1 expectations but forecast deeper-than-expected losses this quarter and for the full year.

There are no ratings changes this morning, that I can see, but price targets are coming down at some shops. FBR & Co.’s Daniel Ives, for example, reiterating an Outperform rating, nevertheless cut his price target to $70 from $105, writing that “FEYE has been a roller coaster ride for investors as multiple expansion/compression over the last few months has been jaw dropping; many investors (including ourselves) got ahead of themselves regarding how quickly growth trajectory/TAM expansion would play out.”

“Briefly, while this was not a flawless quarter, we think underlying fundamental 2014 (and beyond) FireEye hyper growth is well intact and that FEYE remains one of the best ways to play cyber security.”

Shares of data analytics company Splunk (SPLK) are down $5.11, or almost 10%, at $46.64, after the company this morning announced its head of field operations, Tom Schodorf, will retire after 30 years in the industry, being replaced by Doug Merritt, formerly a head of marketing at Cisco Systems (CSCO).

In the same release, Splunk mentioned in passing “strong fiscal first quarter results.” Splunk reports earnings on May 29th. In a note to clients, Brian White of Cantor Fitzgerald picks up on that item. Reiterating a Buy rating, and a $115 price target, White writes that “The change in sentiment around faster growing, emerging tech names such as Splunk in recent weeks has been swift and relentless; however, we believe it is time for investors to separate the wheat from the chaff,” and that “Splunk is one of these special companies.”

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.